Staff Report
Published Oct. 2, 2012

The top eight banks operating in South Carolina each increased market share over the past year and now hold nearly 68% of deposits in the Palmetto State, according to data released today by the Federal Deposit Insurance Corp.

The FDIC’s annual market share report lists deposits held as of June 30. There were 94 banks in the South Carolina market with deposits of nearly $67.4 billion. A year prior, there were 106 banks with $67.9 billion in deposits in the state.

Only two among the top 10 lost share — SunTrust Bank of Atlanta and The Palmetto Bank of Greenville, which were Nos. 9 and 10, respectively.

The top six banks all held their spots from a year ago, with First Citizens remaining the largest bank headquartered in South Carolina at No. 4 on the list.

SCBT of Columbia moved up one spot to No. 7, swapping places with First Federal Bank of Charleston, which dropped to No. 8. Both banks have been acquisitive during the year.

SCBT Financial Corp. acquired The Savannah Bancorp Inc. in a stock swap valued at $67.1 million in August. Earlier this year, it acquired Peoples National Bancorp. of Easley in a $28.4 million stock deal. SCBT also acquired Bank Meridian of Columbia last year, as well as two banks in Georgia.

First Federal, meanwhile, acquired Plantation Federal Bank, which had branches in Greenville and Myrtle Beach, and five Hilton Head bank branches from Liberty Savings Bank this year.

Despite reporting fewer deposits, The Palmetto Bank jumped one spot into the top 10, replacing Regions Bank, which is based in Alabama. Palmetto Bank’s deposits dropped from $1.13 billion to $1.06 billion. Regions, meanwhile, has $929 million in deposits, down from $1.3 billion a year ago.